TC over 800K and 750K down paymen SF bay area so targeting close to $3M Two lenders I talked to want 25% down plus 24 months principal and interest. Sounds pretty conservative. So any pointers? Thanks!
Man, I have no advise or pointers for you but I hope at some point in my life I get to make decisions like this, you’ve made it in life lol.
Power couple would be my guess.
Who are the two lenders you talked to? I believe, although for much less loan amount, plenty of banks do 20% down, and fewer reserve, like Citi does 6 month reserve, boa 12 month?
BOA is one of them, they do 12 months with 30%. Other is a small lender and they had a different rule which was about same amount
What’s this 24 months P&I business? For TC of 800K, a mortgage of 2.25M is not recommended unless you have healthy passive income.
You can borrow more according to 28/36% rule but lenders are worried about recession probably and require extra reserves
With 25% down for $3M, it is about $13K monthly all included. We are close to $70K per month before taxes so how is this high ?!
With a higher combined TC, we bought a 2M home with 50% down. I dont think the lender is being conservative.
Hum 50% down .. Isn’t that silly given interest rates?
It's good to have primary home paid off!
What's your age? Just curious
43
If you have super strong financials, dm me and I can provide a contact - this lender will negotiate on higher loans
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I should have said it is combined TC so x2
Thanks